Brazilian miner Vale SA on Wednesday said it swung to a quarterly loss as the co...
) on Wednesday said it swung to a quarterly loss as the company announced more than $2 billion in fresh writedowns related to two deadly dam bursts suffered by the company over a period of less than four years.
The world’s largest iron ore exporter has since been grappling with the fallout, which has forced it to shake up its board, replace its CEO and made it the target of various criminal and regulatory probes. Those charges came on top of $4.95 billion in first quarter writedowns for payments to victims and other settlements as well as a plan to shut down dams to avoid a recurrence of the disasters.
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